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Australia's BIIP Applicants Are Waiting for Godot · IMI Podcasts

• 0:00
  SPEAKER_00: On May 14, 2024, the Australian government officially announced it would permanently close the Business Innovation and Investment Program, known colloquially as BIIP, as of July 2024, turning the series into a chapter of history.
• 0:16
  SPEAKER_00: This move is not entirely unexpected.
• 0:18
  SPEAKER_00: It has been the topic of discussion for some time.
• 0:22
  SPEAKER_00: I suspect many of us, while feeling a twinge of regret, are not exactly taken aback.
• 0:27
  SPEAKER_00: Beyond this, the government revealed two more pieces of news.
• 0:31
  SPEAKER_00: One, the government will launch a new national innovation visa by the end of this year, replacing the Global Talent Visa, Subclass 858, commonly known as GTI, and two.
• 0:44
  SPEAKER_00: From September this year, applicants wishing to withdraw their BIIP applications can request a refund of their visa application fees from the Immigration Department.
• 0:54
  SPEAKER_00: Remember, before September 2024, the only way for Australian investment immigration applicants to get a refund from the immigration department was if the applicant passed away.
• 1:05
  SPEAKER_00: This has caused quite a stir, as many feel as if the government has written them off.
• 1:10
  SPEAKER_00: It seems the government would rather give back the money than approve the applications because, apparently, they don't want investor immigrants anymore.
• 1:18
  SPEAKER_00: The immigration department has declared it will continue processing submitted applications as they will remain unaffected by the policy shutdown.
• 1:27
  SPEAKER_00: However, the government will tighten the BIIP policy guidance to ensure that all applicants it approves benefit Australia's economy.
• 1:35
  SPEAKER_00: How they will deal with the substantial backlog of submitted applications is becoming apparent.
• 1:41
  SPEAKER_00: The official release of the latest immigration quota for the 2024 to 2025 fiscal year reveals that the government has allocated 1,000 spots to the BIIP category.
• 1:52
  SPEAKER_00: As the BIIP is now closed, no new applications will be accepted.
• 1:57
  SPEAKER_00: This means that all 1,000 quotas for the 2024 to 2025 fiscal year will be dedicated to applicants who have already submitted their applications.
• 2:07
  SPEAKER_00: Combining the official news and quota release, here is Henry Fann's analysis.
• 2:12
  SPEAKER_00: The government will continue to review the applications on hand and there will be no forced refunds.
• 2:17
  SPEAKER_00: The government announced the refund policy alongside the introduction of the National Innovation Visa at the end of the year.
• 2:24
  SPEAKER_00: The government emphasizes that applicants have new options through the new program.
• 2:28
  SPEAKER_00: If they feel the review process is too slow, they can withdraw from the old application, and the government will support the refund.
• 2:36
  SPEAKER_00: This policy is the immigration department offering applicants more humanized choices in the context of the policy shutdown, not a forced refund.
• 2:45
  SPEAKER_00: Continuing to review applications doesn't mean that applicants can pass as easily as before the policy change.
• 2:52
  SPEAKER_00: According to the immigration reform logic, the government will raise the review threshold.
• 2:56
  SPEAKER_00: Otherwise, the purpose of the reform would be lost.
• 3:00
  SPEAKER_00: This is especially true for the 188 C stream, which was popular among many high net worth individuals of advanced age due to its lack of age restrictions and personal resume requirements.
• 3:11
  SPEAKER_00: These groups that no longer bring economic benefits to Australia may be affected and unable to get approval, even if the review continues.
• 3:19
  SPEAKER_00: Applicants boasting excellent criteria, such as advantages in age, business experience, and personal resume, will be more likely to get approval in the upcoming reviews.
• 3:30
  SPEAKER_00: Moreover, they will have more opportunities in the future to get approval through other programs that the government will subsequently introduce.
• 3:37
  SPEAKER_00: Although the Australian government claims to open up new options for potential immigrants, it has clearly abandoned the traditional investment immigration route.
• 3:46
  SPEAKER_00: Australia has gone even further than its counterpart Canada by suspending entrepreneurial routes, namely Subclass 188A and 182.
• 3:56
  SPEAKER_00: The reason behind this is the local business environment has developed to a critical point where the export trade of wine, seafood, and fruit is no longer as desirable as it was.
• 4:07
  SPEAKER_00: The introduction of the National Innovation Visa marks Australia's determination to catch up with the intelligence industry.
• 4:13
  SPEAKER_00: It is practically the route for every developed country to shift from a mere service and trading sector to a more advanced sector in the face of a global talent acquisition war.
• 4:23
  SPEAKER_00: Investment immigration is typically a marathon, not a sprint, demanding extensive preparation and patience.
• 4:30
  SPEAKER_00: Many applicants find themselves in a protracted period of uncertainty, still awaiting a response after years of waiting.
• 4:37
  SPEAKER_00: This lingering limbo can indeed cast a shadow of despair.
• 4:41
  SPEAKER_00: The story of waiting for Godot plays out frequently in the world of immigration, and I believe I grasp the sense of helplessness as fate seems to dangle just out of reach.
• 4:51
  SPEAKER_00: But on the path of choosing our future and shaping our lives, we cling to hope, undeterred.
• 4:59
  SPEAKER_00: This episode first appeared as an article by Henry Fan on IMIDaily.com.
• 5:04
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• 5:11
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